Sunday, April 21, 2024

Iran oil minister says the country to become regional energy hub

Iranian Oil Minister Javad Oji says the transit and swap of oil and gas from Russia will make Iran the region’s energy hub, and this will flow huge amounts of foreign currency into the Islamic Republic.

Oji was speaking on the sidelines of the second economic forum of the Caspian Sea in Moscow.

He added that Iran and Russia, as gas exporters, have worked together a lot in energy swap, and during the visit to Russia, new deals will be signed to build installations and extract gas in joint fields.

The Iranian oil minister pointed to the place of Russia’s state company Gazprom in the global oil and gas industries, saying a joint venture is under way between the two sides to produce LNG (liquefied natural gas) and gas-related technologies.

“Fortunately, positive talks have been held with Gazprom and other companies that are capable of investing up to 40 billion dollars in Iran’s oil and gas fields”, Oji said.

He added that the Russian companies will invest in Iran’s oil and gas sector and they will collect the costs from the production.

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